Janus Forty Fund (JCAPX)

High-Conviction Large-Cap Growth Equities

SHARE CLASS

FUND FACTS (JCAPX)

Inception Date5/1/1997
NAV (As of 5/26/17)$32.16
Total Net Assets (As of 4/30/17)$2.21B
Annual Expense Ratio
(As of fiscal year end 9/30/16)
GROSS 0.78%
NET 0.78%

Performance (As of 3/31/17)
1 Year17.18%
3 Year12.38%
5 Year13.60%
10 Year9.20%
Morningstar (As of 4/30/17)
CategoryUS Fund Large Growth
Overall Rating™
(Based on risk-adjusted returns)

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1301 Funds Rated
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Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance click here.

Returns greater than one year are annualized.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 2/1/19.

Quarterly Commentary - Q1 2017

EXECUTIVE SUMMARY

U.S. stocks moved higher due to signs of an improving global economy and hopes of pro-growth initiatives from Congress and a new administration.

The Fund outperformed its benchmark.

We believe stocks are reasonably valued but that companies will need to demonstrate earnings growth to drive stock prices higher. We remain confident about the path to earnings growth for the companies we hold.

FUND MANAGEMENT

Doug Rao

Doug Rao

Fund Manager since 2013
Industry since 1998

Nick Schommer

Nick Schommer, CFA

Fund Manager since 2016
Industry since 2007